Thailand’s sovereign credit rating remains at BBB+ and its economic outlook is stable, according to S&P Global Ratings.
Patricia Mongkhonvanit, director-general of the Public Debt Management Office, said that on November 23 S&P Global Ratings (S&P) maintained the sovereign credit rating of Thailand at BBB+ and its economic outlook as stable.
S&P said the tourism sector and economy of Thailand was recovering on its improved COVID-19 situation, country reopening and the adequate COVID-19 vaccination of its population. S&P predicted that the number of visitors to Thailand should rise from 428,000 in 2021 to about 10 million in 2022 which was higher than expected. The real gross domestic product of Thailand would grow steadily from 2.9 percent in 2022 to the average of 3.2 percent a year from 2023 to 2025, S&P said.
S&P also saw continuous economic stimulation and financial stability in the country.
Although Thailand had current account deficits over the past two years, the improved pandemic situation led to the resumption of economic activities and recovery in the tourism sector. The country still had high foreign exchange reserves and liquidity, S&P said. It expected Thailand to have current account surpluses at 2.1 percent of GDP from 2023 to 2025. (TNA)